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Smart Ways to Spend Your Social Security COLA

December 10, 2014

Retirees, if you haven’t already heard the good news, you’ll be getting more from Social Security next year. Beneficiaries will receive a 1.7% cost-of-living adjustment in 2015, boosting the average monthly benefit for a retired worker from $1,306 to $1,328.

That $22 extra each month will add up to $264 over a year. It’s not a windfall, but the extra cash certainly will come in handy. In addition to covering everyday expenses, here are 12 ways retirees can best use their Social Security COLA increase.

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